Here’s When Bitcoin (BTC) Price Can Reclaim 200-WMA Again

September has always been the worst month for Bitcoin historically. Bitcoin (BTC) price is struggling to reach the 200-WMA of $23,000 as it continues to dip below $20,000. However, the technical and on-chain data suggest that the Bitcoin price should now return to the 200-WMA.

Bitcoin (BTC) price awaits massive price rally

Crypto market volatility due to the Federal Reserve’s hawkish stance on interest rate hikes has kept the Bitcoin (BTC) price in check. Interestingly, the price drop led to more people taking a chance on “buy-the-dip”.

As mentioned in the previous report, if the number of new daily addresses rises above 415,000, it will confirm a Bitcoin bottom and bulls will take over. According to data from Glassnode, new daily addresses at BTC network has jumped over 417,354. Thus, the outlook is bullish and the Bitcoin price should start rising again.

Cryptanalyst Ali Martinez in a tweet revealing that BTC movement in the four-hour time frame indicates that the Bitcoin price is retracing whenever it reaches the rising RSI trendline.

“The question is whether this time the trendline will hold and help BTC recover some of the losses incurred.”

Meanwhile, the Bitcoin price is showing no signs of support from miners and whales as buying pressure remains weak. In fact, addresses holding 1000 BTC or more continue to decline. Recently, several sleeping Bitcoin whales have sold their holdings. On the other hand, miners’ reserves have fallen continuously this year. According to data from CryptoQuant, miners’ reserves are currently 1.86 million.

But, almost 73.25% of all accounts with one BTC open position lasts a long time Binance Futures. It indicates that traders are buying at current levels.

Important triggers for upside movement

The Bitcoin (BTC) price trend will mostly depend on the September 21 Fed rate hike. While the 100 bps rate hike is on the table, Wall Street banks such as Goldman Sachs believe the Fed will go with a 75 bps rate hike.

A continuous decline in the US Dollar Index since September 7 spurred bullish sentiment in the market to push the BTC price above $22,000. However, the US dollar index has once again jumped above 110. A decline in the index would confirm a bullish move.

Institutional purchases have increased at current levels. In fact, MicroStrategy buying more bitcoins is the main trigger here to push the price to the 200-WMA.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.